96 Cougar 4.6 V8, 77,000 miles on it. I was recently driving on the freeway i noticed a weird thing maybe it has something to do with the speed sensor but when i put the cruise control on the speed went up about 5-10 mph. The next morning i started my car and the O/D light was flashing, it shifts perfectly fine it goes into O/D fine, but on my way home from work it didn't flash and i was able to turn O/D on and off. Well Today i went to work and on my way the O/D light flashed again for a minute or two then went off, on my way home it stayed off and like i said everything feels fine, sounds fine. It did rain alot recently and the car has the 4R70W tranny in it, i was reading that the speed sensor can get wet easily and could cause a short circuit. I checked the fluid it smells and looks brand new, i bought the car with 74,000 miles on it and it had a tranny flush right before i bought it. I want to take it into the shop and have them pull the code but like i said the light flashes when it wants to.

That's your tranny's way of telling you it's not happy, get the codes read.
When mine did that it was P0734 (incorrect gearratio fourth gead... OD band on it's way out...)
Hope your problem is minor, good luck.

I really hope its not the OD band it only has 77,000 miles its good for a while, i had a 94 ranger tranny rebuild at 168,000 miles. I've been keeping my eye on it ever since i noticed the problem, today the light came on for a minute then it was off and remained off, so i just don't understand, if its an internal problem shouldn't the light stay on? I'm hoping i can get it to stay on then im gonna take it up to a shop and get the code, my guess is the speed sensor is shorting out i've read alot about these transmissions and that seemed like a common problem, so im praying.

Well i haven't taken it to the shop yet cause the light hasn't been on for 2 days, is there any way they can pull up the code without the light being on? If not then im just not gonna worry about it until it comes back on, it just seems like a false alarm but im gonna keep my eye on it.

Well i haven't taken it to the shop yet cause the light hasn't been on for 2 days, is there any way they can pull up the code without the light being on? If not then im just not gonna worry about it until it comes back on, it just seems like a false alarm but im gonna keep my eye on it.